The long-awaited initial public offering (IPO) of the company behind the popular e-wallet GCash—expected to be the country’s largest-ever listing by raising more than $1 billion—is finally underway as the company formally takes its first step toward going public.

Mynt Inc., backed by Globe Telecom Inc., announced in a statement on Wednesday, June 17, that its board of directors and shareholders have authorized the company to file a listing application with the Philippine Stock Exchange (PSE).

The company was also given the go-ahead to file a registration statement with the Securities and Exchange Commission (SEC).

The market debut is widely expected to become the largest listing in PSE history. According to a report by the Wall Street Journal, the offering aims to raise over $1 billion, seeking a total valuation of up to $8 billion. If completed, it would surpass the record set by food and beverage giant Monde Nissin Corp., which raised roughly $1 billion during its 2021 market debut.

Mynt stated that the offering will represent 12 percent of its total outstanding capital stock post-IPO, consisting of both primary and secondary shares with a par value of ₱0.03 each.

This 12-percent float aligns with the SEC’s new tiered public float scheme introduced in February, which was designed to adapt to market conditions and attract large-scale listings.

Globe, in particular, had been pushing for an amendment to the traditional 20-percent minimum public float requirement to prevent an offering size too massive for the local bourse to comfortably absorb.

Under the updated SEC guidelines, exceptionally large companies valued at over ₱200 billion (around $3.32 billion) are permitted to list with a public float as low as 12 percent.

The market response to the announcement has been overwhelmingly positive, with analysts viewing the move as a historic milestone for the local bourse.

“The most anticipated Philippine IPO has finally launched. We expect this deal to smash local equity fundraising records, and it will bring a good measure of excitement to the PSE,” said Chinabank Capital Corp. Managing Director Juan Paolo Colet.

He noted that the company’s “business fundamentals are firmly anchored on the app's growing uses and profitability,” opening up vast possibilities as the domestic economy shifts toward deeper digitalization.

Abacus Securities Corp. Vice President and Head of Research Nicky Franco suggested that Mynt’s confidence to finally launch the IPO may stem from already having anchor investors lined up to back the massive float.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., described GCash's upcoming market debut as a definitive “coming-of-age moment” for both the Philippine digital economy and the stock market.

“You’re looking at what could be the country’s largest listing, potentially raising around $1 billion, and more importantly, bringing a high-quality, profitable tech name into the PSE,” Ravelas said. “What investors are really buying here isn’t just an e-wallet—it’s a full financial ecosystem spanning payments, lending, and wealth, which gives it strong long-term growth legs.”

From a broader market perspective, Ravelas added that the blockbuster listing could help re-rate Philippine equities, attract foreign funds back to the country, and open the door for future local tech IPOs.

“Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem,” said Mynt President and Chief Executive Officer Martha Sazon.

“The authorization of our board and shareholders allows us to work toward a potential public listing as the next step in Mynt’s growth journey, while continuing to focus on the priorities that have brought us to this point,” she added.

Founded in 2004 as an SMS-based local money remittance service, GCash has grown into the most influential force in the country’s digital finance landscape.

Across its payment solutions, lending services, and various digital financial products, GCash now serves 94 million Filipinos—nearly the country's entire population.

Sazon noted that the company’s expansion, especially with the impending IPO, reflects the accelerating adoption of mobile-first financial services nationwide.

“We hope Mynt’s journey could also inspire Filipino companies and startups, fostering a spirit of innovation and entrepreneurship in the local tech community, all while promoting the Philippines as a vibrant hub for technology and fintech innovation in Southeast Asia,” Sazon said.

Mynt stated that additional disclosures will be made at the appropriate time in compliance with regulatory requirements.

Aside from Globe, which holds a 34-percent stake in Mynt, the fintech firm’s other major investors include Ayala Corp. and the Singapore-headquartered global payments giant Ant International.